Demand goes sky high

ONE of southeast Queensland’s busiest apartment developers has snapped up another inner west site in the heart of a commercial precinct.

Mosaic Property Group paid $9.15m for 2108sq m site at 24-28 Lissner St, Toowong, which is currently the 470unit strata titled 3-star Toowong Inn & Suites.

Colliers International’s Brendan Hogan, who sold the property with colleague Jason Doa on behalf of a private family, said the site was highly sought after being across the read from the Toowong Train Station and Shopping Village, as well as only 4km from the Brisbane CBD.

“We identified this as an opportunity that Mosaic would be interested in and we approached the owners and we were able to finalise the deal,” he said.

It is Mosaic’s third Toowong development in just over 12 months, following the success of The Patterson at 15 Archer St and Kensington at 36 Sylvan Rd, which were both sold out.

Mr Hogan said overall the inner west continues to be popular with residential developers with Colliers notching up nine development site transactions in the last 12 months totalling in excess of $90m.

“We’re seeing a strengthening of demand for boutique owner-occupier projects and prices have increased for development sites of this nature,” he said. “For completed apartments, demand continues to improve and the locality is achieving premium price points from both owner-occupiers and investors.”

The site is code assessable for eight storeys while across the other side of the street it is 25 storeys.

Mosaic head of acquisitions Bruce Wortley said there continues to be strong demand in the Brisbane’s inner west.

“We look forward to unveiling another outstanding offering late this year which will boast all the hallmarks Mosaic has come to be known for – owner-occupier product, a prime location, impeccable architecture, spacious planning, premium finishes and residential amenity,” he said.

Published via The Courier Mail

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